As the CEO of Firm Media, I’ve been closely tracking the rapid evolution of the medical aesthetics industry. Recently, I had the opportunity to review an annual report from one of the industry’s top financial and M&A advisory firms, and several key insights strongly resonated with me, reflecting trends I’ve observed across the industry. The sector is experiencing significant growth fueled by innovation, shifting patient demographics, and rising demand for non-surgical treatments. Here’s a summary of the most important findings.
Non-Surgical Treatments Leading the Way
The data clearly shows that non-surgical procedures are dominating the market, with neurotoxins and dermal fillers as top contenders. Neurotoxins, in particular, accounted for 32% of total non-surgical spending in 2023, while dermal fillers contributed 21%. Patients today are looking for less invasive options with minimal recovery time, which aligns with the modern demand for convenience and quick results.
Technology and Patient Demographics
Technology is playing a pivotal role in transforming the patient experience. Energy-based devices (EBTs) are becoming essential tools for practices, with these treatments generating $3.1 billion in revenue in 2023. The innovation in this space is helping practices offer more advanced, efficient treatments with better patient outcomes.
What’s particularly exciting is the shift in patient demographics. Millennials and Gen Z now make up a significant portion of the aesthetics market, with 42% of all aesthetics patients falling into these age groups in 2023. These younger generations view aesthetics as part of their self-care routine, starting earlier in life and embracing the idea of wellness through beauty. This shift represents a massive opportunity for practices to cultivate long-term relationships with younger patients.
The Marketing Shift: Embracing Traditional Channels
At Firm Media, we believe the next wave of specialty medical and aesthetic marketing is making a shift back toward traditional methods, which can complement modern strategies. Recognizing this trend, we have made a concentrated effort to develop relationships with key media outlets like Hulu, Roku, Disney Plus, and NBC to enhance our OmniBlend Advertising™ product through Connected TV (CTV). This approach allows practices to reach their target audiences effectively while utilizing the power of regional storytelling on the largest screen in the house.
The Future of Aesthetics: Innovation and Oversight
While growth brings opportunity, it also invites increased oversight. Regulatory scrutiny is expected to rise as more practitioners enter the space, which means practices must prioritize patient safety and compliance. With innovation continuing to improve the patient experience and treatment outcomes, it’s critical that providers maintain the highest standards as they grow.
In summary, the medical aesthetics industry is in an exciting phase of transformation. The rise of non-surgical treatments, the stream of younger patients, technological advancements, and the surge of private equity investments all point to a future filled with opportunities. However, it’s essential to stay ahead of these trends, ensuring that your practice is both innovative and compliant.
The rapid growth of the industry, with non-surgical treatments expanding by 12% while the number of med spas surged by 17% in 2023 alone, underscores the escalating competition. In this environment, a strong marketing strategy is no longer a luxury but a necessity. Med spas that fail to invest in effective marketing risk being overshadowed and losing market share to more proactive competitors.
For those in the industry, this is a time to adapt, grow, and deliver even more value to patients. The future of aesthetics is bright, and Firm Media is here to help guide practices through this exciting evolution.
